Word: exempted
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Dates: during 1960-1969
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...over $100 million came from real estate speculation conducted by astute agents after Joe Kennedy had more or less retired from an active business role. Another substantial portion-perhaps $100 million if the managers have followed the rule of thumb applied in allocating other large fortunes-is in tax-exempt securities. The only corporate entity to which the fortune is intimately tied is the family itself. There is no highly visible family business...
...people might turn sincere overnight," Marshall said, musing on the probability of religious revival in America. He joked about pot "licenses" for marijuana acolytes and asked whether the Brotherhood's "temples." like churches, should be tax-exempt...
There is one hitch. Although the FAA's precedent-setting regulations for jumbo jets go into effect on Dec. 1, the Boeing 747s-which in February will become the first (by 21 months) to start flying passenger runs-will be temporarily exempt. Reason: Boeing applied for certification of the 747 one year before the agency began drafting its noise laws and is too far along in production of the jumbos to meet the FAA deadline. Result: no less noise for a while...
...difficult to speak adequately or justly of London," wrote Henry James in 1881. "It is not a pleasant place; it is not agreeable, or cheerful, or easy, or exempt from reproach. It is only magnificent." Were he alive today, James, a connoisseur of cities, might easily say the same thing about New York or Paris or Tokyo, for the great city is one of the paradoxes of history. In countless different ways, it has almost always been an unpleasant, disagreeable, cheerless, uneasy and reproachful place; in the end, it can only be described as magnificent...
...House bill to substitute a .2% tax on assets for a 7½% tax on net investment income and capital gains. It also went far beyond the House bill in approving a provision requiring such "nonoper-ating" foundations as Rockefeller, Ford and Carnegie - whose main activity is making tax-exempt grants - either to dissolve themselves after 40 years or to begin paying regular corporate income taxes...